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The new fundraise will enable Erapid to expand EV charging network under its brands CarCharger and EasyGo
Electric vehicle charging company Erapid Charger Co. Ltd. (Erapid) has raised €30 million from Aviva Investors, the global asset management business of Aviva PLC, EasyGo announced Oct. 20. Notably, Erapid trades in Ireland as EasyGo, which is Ireland’s largest private car charging network provider, and CarCharger EV Ltd.
The EV charging network provider said that the new investment will lead to the direct creation of 60 Irish jobs.
“The phased investment, which is being made by Aviva Investors as part of its Climate Transition Real Assets strategy, will enable Erapid to rapidly expand CarCharger and EasyGo, increasing operational capabilities and its network of chargers,” the company said in a statement.
While Erapid did not disclose more details about the funding round, it said that as part of the transaction, Rubicon Capital Advisors, which is an Irish merchant banking boutique and one of Erapid’s largest shareholders, will also increase its stake in the company to further assist with the growth of the business.
Erapid plans to roll out over 3,000 fast DC chargers onto the national charging network by 2032. It also plans to add over 20,000 commercial AC chargers into apartments, buildings, hotels and other key locations. To facilitate its next growth stage, Erapid’s new headquarters will be based in Maynooth, Ireland, where the company has also established an operations support center of excellence, it added.
Erapid, through CarCharger and EasyGo, currently manages over 4,000 charging points in 1,500 locations across Ireland, which are used by more than 50,000 registered drivers. Approximately 2,000 new users have been added each month in 2023.
Commenting on the fundraise, Chris Kelly, co-founder of Erapid, said, “The announcement will accelerate our mission to decarbonize transport, providing accessible and efficient EV charging solutions across the island of Ireland and into the UK. As Ireland’s largest owner and operator of charging stations, this strategic investment by Aviva Investors propels us into an exciting phase of growth. One of the immediate goals resulting from this funding is the significant expansion of our network, including the rollout of over 3,000 fast chargers. We will also be hiring for up to 60 new roles across operations, customer support and sales.”
He further added, “This marks an exciting new phase for Erapid and our two brands. With this funding, we will be strategically reviewing our market approach, with plans in place for an overall brand refresh to reflect the new vision and growth plans for the business. The EV sales market in Ireland is booming but needs the infrastructure to catch up. This investment combined with our history of introducing the latest charging technology to Ireland means we are well positioned to create and scale a seamless EV charging network that supports a sustainable future. We are delighted to be partnering with Aviva Investors, whose strong focus and presence in sectors including sustainability and commercial property mirrors our own. We look forward to working together to capitalise on synergies arising that can lead to future shared growth.”
Adam Irwin, fund manager of Infrastructure Equity at Aviva Investors, said, “Our investment into Erapid and its two core brands CarCharger and EasyGo is a terrific opportunity to invest into one of our home markets and support the growing Irish and Northern Irish EV charging sector. Ireland has some of the lowest public charger to EV ratios in the EU, giving potential for substantial growth in the platform as part of the transition from internal combustion engines and towards electric powertrains. We view this as a great opportunity for the money we look after on behalf of our clients to make a material contribution to delivering on the UK and Ireland’s net zero ambitions, whilst also meeting their long-term investment objectives.”
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